SEBI Issues Updated Master Circular for Portfolio Managers

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  • Last Updated on 18 July, 2025

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SEBI Master Circular Portfolio Managers

Circular No. SEBI/HO/IMD/IMD-POD-1/P/CIR/ 2025/104, Dated: 16.07.2025

The Securities and Exchange Board of India (SEBI) has released an updated Master Circular for Portfolio Managers, consolidating all relevant regulatory provisions, guidelines, and directives issued up to March 31, 2025, into a single comprehensive document.

1. Scope and Coverage

The Master Circular serves as a one-stop reference for all portfolio management-related regulations and includes detailed provisions relating to:

  • Registration Requirements for Portfolio Managers
  • Operating Guidelines for conducting portfolio management activities
  • Investment Norms including permissible instruments and limits
  • Disclosure and Reporting Obligations to clients and SEBI
  • Fee Structures and Charges that may be levied by portfolio managers
  • Grievance Redressal Mechanisms and client servicing standards
  • Performance Benchmarking norms for evaluating portfolio manager performance

2. Rescission of Earlier Circulars

With the issuance of this Master Circular, all earlier circulars and directions issued by SEBI relating to Portfolio Managers have been rescinded, ensuring that stakeholders now refer to a unified, updated regulatory framework.

3. Objective and Impact

This move is aimed at:

  • Simplifying compliance for portfolio managers
  • Enhancing regulatory clarity and transparency
  • Providing a centralised reference to improve operational efficiency
  • Ensuring consistency in implementation of SEBI’s regulatory intent across the industry

SEBI’s updated Master Circular is part of its ongoing efforts to promote ease of doing business, regulatory simplification, and investor protection in the portfolio management segment.

Click Here To Read The Full Circular

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Author: Taxmann

Taxmann Publications has a dedicated in-house Research & Editorial Team. This team consists of a team of Chartered Accountants, Company Secretaries, and Lawyers. This team works under the guidance and supervision of editor-in-chief Mr Rakesh Bhargava.

The Research and Editorial Team is responsible for developing reliable and accurate content for the readers. The team follows the six-sigma approach to achieve the benchmark of zero error in its publications and research platforms. The team ensures that the following publication guidelines are thoroughly followed while developing the content:

  • The statutory material is obtained only from the authorized and reliable sources
  • All the latest developments in the judicial and legislative fields are covered
  • Prepare the analytical write-ups on current, controversial, and important issues to help the readers to understand the concept and its implications
  • Every content published by Taxmann is complete, accurate and lucid
  • All evidence-based statements are supported with proper reference to Section, Circular No., Notification No. or citations
  • The golden rules of grammar, style and consistency are thoroughly followed
  • Font and size that's easy to read and remain consistent across all imprint and digital publications are applied